FULL DISCLOSURE: Cambria Gold Mines is a sponsor of theDeepDive.ca.
Cambria Gold Mines (TSXV: CAMB) has released the first batch of assays from underground infill drilling at the Prew Zone of its Premier Gold Project, with the headline interval running 19.82 g/t gold over 5.0 metres and a standout one metre hit grading 483.0 g/t gold.
The results cover 15 underground drillholes and nine surface holes, the latter targeting the nearby 602 Zone.
Highlights from the results include:
- P26U-0003: 19.82 g/t gold over 5.0 metres
- P26U-0007: 14.96 g/t gold over 6.3 metres
- P26U-0008: 11.38 g/t gold over 7.0 metres
- P26U-0011: 483.0 g/t gold over 1.0 metre
- P26U-0016: 7.24 g/t gold over 9.0 metres
The drilling is part of a tightly spaced delineation program, with holes set on roughly 12.5 metre centres from underground platforms. That is half the spacing of earlier surface campaigns, which Cambria argues were too wide to model the deposit accurately, a shortfall it ties to operational difficulties under Ascot.
The close spacing is also helping the company map post-mineral faults that shift the orientation of the zones, a detail that matters as it works toward a possible restart of operations.
CEO Robert McLeod commented on the results, stating, “These results are demonstrating the continuity of gold grade and host structure at the Prew and 602 Zones, located down-dip from the famous Premier Gold Mine.” He added that the company plans to keep infilling the Premier deposit before turning the drills toward the Big Missouri and Silver Coin deposits to the north.
The 602 Zone holes were drilled from surface because of limited underground access, intersecting similar mineralization as has been seen at Prew. Further underground development, as suggested by Cambria, would allow for drilling to take place underground.
READ: Cambria Gold Builds Out Mt. Margaret Team Ahead of Planned U.S. Spinout
Two underground rigs and one surface rig are currently turning. Cambria expects the Prew underground program to run into early in the third quarter, with surface drilling shifting to Silver Coin and Big Missouri in July once summer access opens.
In total, the company intends to complete 27,000 metres of infill drilling across the Premier deposits this year.
Cambria Gold Mines last traded at $1.13 on the TSX Venture.
FULL DISCLOSURE: Cambria Gold Mines is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Cambria Gold Mines. The author has been compensated to cover Cambria Gold Mines on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.
